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On the cryptocurrency bill, more changes may be possible, the government is behind schedule: 10 points

Crypto asset size in India is around Rs 45,000 crore.

The Cryptocurrency Bill will not be discussed by Prime Minister Narendra Modi’s cabinet today and may not be introduced to Parliament during this session, sources told NDTV, signaling that The government doesn’t want to rush the law.

Here are your 10 points for this big story:

  1. Sources said there could be more changes in the Cryptocurrency Bill and that the Center could consider issuing a special ordinance or order after the session.

  2. The center reportedly wants Indian crypto regulations to parallel the global framework.

  3. NDTV previously reported that the Crypto Assets Bill seeks to authorize cryptocurrency as property and prohibit its use as currency or payment.

  4. The bill also proposes to establish a framework for distributed ledger technology (for recording, sharing and synchronizing transactions) and also forms the basis for the creation of an official digital currency set up by the Bank. issued by the Indian Reserve. RBI Act.

  5. The bill seeks to mitigate financial stability risks by appropriately hedging the formal financial sector from crypto-assets.

  6. The bill also proposes a penalty for violations by individuals as well as corporate bodies. There will be no violations of the law.

  7. Violations are punishable by a prison term of one and a half years and a fine of up to Rs 50 crore.

  8. The crypto-regulator will be the Reserve Bank and the crypto-assets will be regulated by the market regulator SEBI.

  9. The bill also proposes to ban all private cryptocurrencies in India and facilitate regulation.

  10. Crypto asset size in India is around Rs 45,000 crore with around 15 million investors.

https://www.ndtv.com/business/crypto-bill-wont-be-tabled-before-cabinet-today-more-changes-expected-2652033 On the cryptocurrency bill, more changes may be possible, the government is behind schedule: 10 points

Emma James

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